St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-10-31
A Circular Calling For a Meet
ing of stockholders to De-
eide the Question.
President Mann Refuses to be
IntervieWed--What the
Cashier Says.
The Bank Will Pay Dollar for
Dollar Of Deposits in
All Probability.

Washburn, there have been various
fumOrs afioat and much talk as to what
the effect would be on the Third Ma
tional bank of this city. which, it was
given out, had over 100000 of that
firms paper. 1t was generally under
stood, and so stated by the officials, that
the bank was solid, and would
not be seriously affected by
the failure. Anxious creditors
were pacified, their uneasiness died
away with the lapse of few days and
the threatened run on the bank, pre-
dicted by many, blew over. However,
few wise skeptics have adhered to the
belief all along that the bank would go
under, and last night rumors to that
effect were revived and frequently
heard. A GLOBE reporter started out
to see if the rumOrs came from any re-
liable source. He called first at the
residence of one of the bank directors,
DR.. c. E. Smith, 145 West Fifth street.
A ring at the door-bell was answered by
a voice through the speaking trumpet.
DR.. Smith utterly refused to be inter-
viewed; knew nothing at all about the
matter, and wished it understood that
he was in bed. He would not even
come to the door OF say whether
THE RUMORS WE'RE TRUE
OrnOt true, and the reporter left. At
late hour GLOBE reporter called at
the residence of the bank teller, T. R.
Mann, on Laurel avenue, near st. AL
bans street. Mr.. Mann arose from bed
and, although rudely awakened, showed
tts true instincts of a gentleman and re-
Nceiyed the reporter courteously.
:. Yes" SAID he. "a circular has heen
issued calling a meeting of the stock
holders for the purpose of going into
liquidation. do not wish to say more
than this, as my position will not war
rant any statements from me. The
president or cashier can tell you all
about it,"
From thence the reporter drove to the
residence of the president, Walter Mann.
The household was wrappedin slumber,
but the bell was answered by light in
the second story, and the appearance of
Mr.. Mann at the window.
"Who are you and what do you want?"
he said.
The scribe stated his mission from the
sidewalk and was met with the reply:
"Well, you'll have to go back where
you came FROM"
Bang went the window and darkness
reigned once more. The reporter then
called the cashier, r. E. Slower, from
his bed, two stories above the bank.
He very kindly gave the reporter
copy of
THE FOLLOWING CIRCULAR,
which was issued OH Saturday:
You will please take notice that there
will be a special meeting of the stockholders
or the Third National bank on Friday, Nov.
4. 1887, at 10 o'clock u. M, at its banking
house in st. Paul, Minn., to take action upon
the question whether or not said banking
association shall go into voluntary liquidation
and be closed as provided by law, and to
transact such other business as shall be
necessary or incident to such action.
II you cannot be present, please fill out the
within power to W. S. Culbertson and L. D.
Hodge, or either of them, or to some other
StOcknOlQef VINO Will C6rta1lIV De present.
and return by next mail.
By order of the president. WALTER MANN.
r. f. SLOWER Cashier and eX Officio Secretary.
II cannot give you any figures" said
he, ''for [ have been away from the
bank for the last three days and it would
be mere guess work. The statements
are locked up in the vault and l have
not the combination. There is no doubt
but that the bank will go into liquida-
stion, though it takes two-thirds vote
qto decide that. The bank is perfectly
solvent and the depositOrs have all been
cared for and will be
PAID UP IN FULL,
dollar for dollar. The deposits will not
reach quite 100000, but we will realize
senough OH loans and discounts to clear
us. We are collecting in all our notes
as rapidly as we can, and all that de-
spesitors will be required to do will he to
call and get their money. The
statement of the bank published
.seme few days ago has not been ma
.derially changed. No one need be
alarmed, for every cent will be paid.
The stockholders, you know, are liable
in case of shortage. OF course, the
cause of the banks going into liquida-
ton was the Rood IL Maxwell failure.
We had their paper for exactly SOS, 900
and no more. although there are rumorS
afioat to the effect that it was larger
amount. l can not tell you any figures
whatever, and do not know what the
assets and liabilities are"
Mr. Slower was very gentlcmanly. but
refused to say more than the above, be-
cause, as he said. it would be all guess
work. There is no occasion for run
on the bank, and Mr.. Slower remarked
that such an event would result seri-
ously to the bank.
w. 8. CulbertSOn, one of Albany'S
woalthiest citizens and one of the
largest stockholders, is in the city and
will assume charge of the banks affairs.
THE EoOD-MAXwELL PAPER.
When Rood Il Maxwell, the WaShhurn
lumber firm, were attached and made
an assignment Oct. q, it was given out
that the amount they owed the Third
National bank was $20S,000. In finan-
ciai circles surprise was expressed that
the bank should have made
such extravagant loans on such
small security, but the bank officials as
serted that the amount, of their claim